Wednesday morning, warehouse superstore Costco is scheduled to release its fiscal third-quarter financial results before the market opens. TheStreet's Jim Cramer believes Costco may be an opportunity going into the quarter, saying it's a very strong company that's been down for quite a long time. He compares the company to Lowe's (LOW) and Home Depot (HD). Both companies recently reported their earnings results, and Cramer added that he thinks they have a lot more to do with Costco more than apparel. He noted that the apparel part of the business has done poorly for most of retail.

Analysts are expecting a continued improvement from a year ago. The consensus estimate calls for a profit of $1.16 per share on revenue of around $26 billion for the first quarter, according to Thomson Reuters data. In the same quarter of last year, Costco earned $1.07 per share on revenue of $25.79 billion.

On the economic calendar, mortgage applications figures will be released by the Mortgage Bankers' Association, which will give a reading on housing demand as well as economic momentum. Also to be watched is the Redbook, a weekly indicator of consumer spending. It measures comparable store sales at chain stores, discounters and department stores.